Fitch assigns B to Ecobank notes

Fitch Ratings said it assigned Ecobank Transnational Inc.’s dollar-denominated senior unsecured notes issue an expected long-term rating of B(EXP) with a recovery rating of RR4.

The senior unsecured notes are rated at the same level as Ecobank’s B long-term issuer default rating, as the notes will constitute the holding company's direct, general, unconditional, unsubordinated and unsecured obligations and rank equally among themselves and with all of Ecobank’s other senior obligations, Fitch said.

The agency assigned a recovery rating of RR4 to reflect average recovery prospects in a default scenario based on country-specific factors.

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